Shares of Cairn India on Monday rose over two per cent in the early trade on the Bombay Stock Exchange (BSE) amid media reports that the UK-based Vedanta Resources has bought 11 per cent stake in the Indian company through block market deals.
Following the buzz, the company scrip went up 2.51 per cent to Rs 345 on BSE.
According to media reports, Sesa Goa, a unit of Vedanta Resources, has bought 11 per cent stake in Cairn India for Rs 331 a share through block market deals.
Petroliam Nasional Bhd (Petronas), Malaysia's state oil and gas producer has sold its entire 14.9 per cent stake in Cairn India. Domestic and foreign institutions bought the remaining 3.9 per cent stake from the company, the report said.